Barbados Property News Dec - Jan 2016

EE NE FR NLI O &

West Coast Villas - Page 19

Port St. Charles - Page 23

Claridges - Page 25

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • December - January 2016 • Issue 102

The Sandbox Tree Spa at Port Ferdinand - Page 17 1

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Editor’s Comments Welcome to the final edition of Barbados Property News for 2015. It hardly seems a year since last Christmas, but during that time we have passed our 100th edition and continue to bring you a quality niche publication that deals exclusively with property sales and rentals, property products and property services.

We enter 2016 with controlled optimism. Our economy still faces some major challenges, but all the signs indicate a better tourism season than the past few years. Some real estate agents have also confirmed a better year in 2015, and in this edition we welcome the relaunch of Battaleys Mews, close to Mullins Beach on the popular West Coast.

Pamela Hiles, Editor We hope the annual Christmas gift feature stimulates your shopping buds as the range and quality of goods in Barbados continues to improve and we strongly recommend visiting these stores as they offer much more on site.

Finally, a huge ‘thank you’ to all our advertisers, supporters and readers for continuing to make Barbados Property News such a strong voice in the local property market. We distribute the hard copy to over 320 outlets on island, eblast to a database of over 6000, and our electronic copy on www.barbadospropertynews.com is enjoyed all over the world.

We wish you a happy and peaceful Christmas and best wishes in the New Year.

Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.caribbeanmortgageservices.com Editor/Advertising – Pamela L Hiles Design and Art Direction – 809 Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

On the Cover: Port Ferdinand

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

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MALTA - Cattlewash, St. Joseph A 3 bedroom, beachfront villa located on Cattlewash Beach. Property also has an additional 1 bedroom cottage. This truly is the perfect spot to experience the cooling Atlantic tradewinds and relaxing pace of life found on the east coast of Barbados.

Lot Size: 26,698 sq. ft. • Asking Price: USD$2.195 million

APES HILL ECO-VILLA - 28 Holders Meadow, Apes Hill, St. James This revolutionary 4 bedroom home has not sacrificed luxury in the pursuit of sustainability. A combination of luxury, quality and sustainablility that sets the standard for eco-luxury in Barbados.

Lot Size: 25,000 sq. ft. • Asking Price: USD$3.3 million

SECRET SPOT For those seeking privacy and nature, this plot of land offers lagoon and ocean views with miles of beautiful, pristine beach close by to stroll on. The perfect place to build an off grid eco-home and enjoy outdoor activities.

Lot Size: 6.71 acres • Asking Price: USD$975,000

APES HILL LOT J49 - Apes Hill, St. James Overlooking the 6th green on the fabulous Apes Hill course, this lot is in the perfect location for building your own custom eco-villa. With its stunning unobstructed views of the west coast, island living truly can be achieved.

Lot Size: 15,120 sq. ft. • Asking Price: USD$395,ooo

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Standard 1. Covered shell jar $69 2. Decorative Bowls $119 3. Metal Lanterns $49

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Christmas Marketplace

Walkerâ&#x20AC;&#x2122;s World 1. Mirrored Chest $1599.00 2. Georgian Beaded Lamp $389.95 3. Hammered Enamel Bowl set $489.95

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Natz 1. Blue Swirl Glass Bowl $230.90 2. Mahogany Finish & Mother of Pearl Chest $2,428.55 3. Multi Blue Floral Indoor – Outdoor 5 x 8’ Rug $828.60

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Gajah 1. Decorative Glittered Xmas Tree Cones Sml $102.00 Lrg $179.00 2. White Phalaneopsis Orchid in Clam Shell $768.00 3. Driftwood Candle Holder $564.00

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Canewood St. Michael (246) 424-7160 Mon-Fri 9-6 Saturday 9-5 Sunday 11-4 www.gajahhome.com

#6 Canewood Industrial Estate St. Michael 246-627-0580 wolseley_showroom@live.com

Š2015 Wolseley. All Rights Reserved.

Is Wealth Accumulation a Myth?

Finance

Mortgage Broker Clarence Hiles looks at the uncertain world of investment and identifies the most straightforward way to accumulate wealth within the reach of everyone…

At the time of writing a lot has been happening in the world.

Speculation is rife that stock markets are going to crash, media coverage of the hostile bids for Banks shares has been paranoiac, the Barbados economy and its governance continues to be ridiculed by international agencies, a local investment conference added more doom and gloom for investors, local crime is increasing no matter what the police say, a high-powered CARICOM Committee called for the immediate disbandment of the West Indies Cricket Board, and amidst everything, callous and cowardly ISIS terrorists blew Paris to pieces killing 130 innocent people and injuring hundreds of others. Perhaps we should be motivated by the prospect of a better tourist season and the fun and revelry associated with the Christmas break, but somehow everything pales into insignificance if we can’t control terrorism and crime.

It is difficult to put a positive spin on a finance article these days and I’m glad I wasn’t part of the recent Investment Conference because I’m not sure how it could be done in the current environment. It’s easy to make money when the economy is buoyant and overseas markets are thriving, but almost impossible these days. Understandably some people left this conference quite depressed, as the assessments presented were so pessimistic.

At the end of the day Barbados is a small player in world finance and the number of significant investors even smaller in real terms. The accumulation of wealth is largely in the hands of a minority of people within our midst and good luck to them for reaching a level of consummate security, but most people will view wealth accumulation as a myth. And for many of them it will always to be a myth as their confidence in financial integrity has been destroyed by big banks, finance houses and investment companies after the 2008 global crash. After all,

why save all your life and invest in what you were told were solid long-term investments and pensions, only to find the figures were fabricated and your hard-earned savings or legacies were gone? How can anyone convince the next generation they should be motivated by wealth accumulation?

After a lifetime in banking and investment advisory services I now understand the merit in living life and enjoying it, rather than place your savings and investments in the hands of others. I also understand why more and more young people are empowering themselves and shunning traditional forms of investment like pensions, annuities, bonds, managed funds, endowments etc. and turning to self-management of their affairs. After all, nobody knows their finances and aspirations better than themselves, and if some advice is needed the Internet is bulging at the seams with positive and negative suggestions. This approach has been successful in the UK where ordinary people have built up property portfolios with Buy-to-Let schemes, aided and abetted by lending institutions.

I don’t think they are entrepreneurs, but simply realists, who have looked at how traditional companies have invested funds and felt they could do it better?

Much depends on how you handle risk and your personal outlook in life. If we are prepared to speculate then the ‘higher the risk the higher the return’ is a well-worn cliché in finance speak, and if you are not a risk-taker then a fixed interest rate from a reputable finance house, bank or government bond might be a more comfortable option. If you like a nice car and enjoy overseas holidays there’s nothing wrong with that either, because many philosophers feel you should live in the present and not get too preoccupied by either the past or the future, if you want a better frame of mind and quality of life.

One way to accumulate wealth and get the best of both worlds is to buy your own home. Everyone has to live somewhere, so the options are straightforward. You can buy, rent or live at home. Setting aside the latter as short-term, the debate on rent versus mortgage repayment is a no-brainer when it comes to wealth accumulation and it doesn’t matter

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Finance

whether you are rich or poor as the principles are common at both ends of the scale. It all boils down to what you can afford to pay and when you compare the numbers you can evaluate what you get for your dollar.

When you rent you can pick where you want to live and if you donâ&#x20AC;&#x2122;t like it you can move on. Your landlord should do the repairs and renovations, but very few do, and you still have to pay utilities. In reality you get more freedom to come and go during your life. In comparison, you can buy your own home, improve it, and do anything you want with it. You may also use your equity to borrow against it, and when you have paid it off, it is yours. At this time you have accumulated wealth and enjoyed a similar lifestyle as renting, if the monthly payment is the same. And, at any stage you can sell the house, pocket your profit, and move upmarket or switch to renting!

If you pay rent of $1,000 a month it equates to a mortgage of approximately $180,000 over 30 years at 5.5% so if you secure a 100% loan your price range is $180,000 plus any savings you may have. That means you will pay $360,000 over 30 years, but you now own property, which should be valued much higher than what you paid for. Also your repayments are finished.

In this comparison the renter will also pay $360,000, but have nothing after 30 years and will still be paying rent for the rest of his/her life. The challenge might be finding a property in this price range, but you have to cut your suit according to the cloth. However, the same principle applies at every level of outlay. Age is not a factor although the younger you get on the property ladder, the higher the rewards.

For example a couple paying $2,500 in monthly rent will lay out a whopping $1,170,000 over 30 years and still have nothing to show. If they had taken out a mortgage using the same terms as above they could buy a property at $450,000, own it after 30 years, and have nothing more to pay for the rest of their life. It doesnâ&#x20AC;&#x2122;t matter whether property values go up or down over the course of those 30 years as this is your home, and you are always going to live in it. The risk of financial loss is negligible set against a rental, which is a lost leader from Day 1.

Perhaps wealth accumulation is not a myth after all?

If you want to find out more about buying a property email me at Clarence@caribbeanmortgages.com or telephone 230 9215.

In the meantime Merry Christmas and a Happy New Year to all our readers.

Battaleys Mews

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Jan and Evans Husbands

from left to right:Kelly Ann Hurley, Michelle Barber (Planned Maintenance), Ann Hunte (Natzâ&#x20AC;&#x2122; Home Furnishings), Nicola Birkett (Realtors)

Buffy Hall, Susie Ray (Realtors), Vicki Cozier (far right) and friend

Annelise Inniss, Natalie Manning, Justin Inniss (Flow)

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Real Estate News

Natalie Manning and her dad Bizzy Williams

From left to right: Vashti Ince, Senior Manager, Credit Risk; Rodney Mayers; Lisel & Mark Owen.

Real Estate News

BEAVA News Message from the BEAVA president 2015 As the year closes and another approaches, it gives us a moment to reflect to the progress of Beava during the year.

The real estate market continued to have another challenging year due to the economic climate. BEAVA pushed President Suzanne Davis ahead with focus on its members, having several educational seminars, meeting with various groups, Valuers & Brokers and hosting a real estate Home EXPO. I would like to thank CIBC FirstCaribbean for their support of all our educational seminars as well as our BEAVA EXPO. These

Vice- President George Ramsay at the Valuers Meeting

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seminars have resulted in a better understanding of the Bank’s programs and provided an easy learning platform for members.

The BEAVA members showed their full support again at the Real Estate Home EXPO and I thank the organizing committee for a job well done.

I look forward to working with all members next year as we continue to chart our way forward. Our focus will be on increasing membership to encompass all real estate agents and valuers on the island. This is a very important step in preparation of legislation.

I want to thank the board members, members of the subcommittees and our administrative team, for their hard work and continued support.

“On behalf of the BEAVA family, we wish all our customers, clients and business partners all the very best for the New Year.”

Booth BEAVA Home EXPO 2015

Battaleys Mews is back Now you can rent or buy at one of the most prestigious developments on the revistalised ‘platinum’ West Coast Following a comprehensive renovation under new ownership, Battaleys Mews unveils 24 restored, three-bedroom properties with the highest quality interiors With a limited number of properties available to buy from US$595,000, the development represents incredible value for such a prime location on Barbados’ famed west coast.

October saw Barbados’ infamous Platinum Coast welcome a reinvigorated face to its legendary property scene with the unveiling of the new look Battaleys Mews. With the threebedroom properties priced from US$595,000, Battaleys Mews offers a real niche in the island’s property market – combining spacious, high specification units in such a prestigious location that until now has only been accessible by the glitterati crowd.

Located in Mullins on the island’s west coast, privately-gated Battaleys Mews was originally completed in December 2006 but newly acquired in 2015 by respected UK property investor developer, Prestbury owned by Nick Leslau.

Battaleys Mews has since undergone an extensive, nine-month renovation project; the result of which sees 24 superbly revamped three-bedroom/two-bathroom properties that individually span over 2,350 square feet, each boasting extremely high specification and European-style interiors that epitomise open-plan living. Highlight features include contemporary kitchens complete with Smeg and Bosch appliances, Duravit fitted bathrooms, a private terraced garden with plunge pool and outdoor seating, plus high speed wireless internet throughout.

Each property further benefits from access to the brand new social area comprising large swimming pool, tennis court, clubhouse with bar, children’s play area, fitness centre and tropical gardens for those seeking a spot of shade. The entire development is highly secure with 24-hour security, and every property comes complete with two car parking spaces and ample

Pictured from Chestertons are Alexandra Ortiz, Kieran Kellly and Daryl Kelly. Second from right is Ben Wolford.

Real Estate News

storage area too, making it ideal for young families and couples alike.

Properties at Battaleys Mews are perfect for private owners who can relax safe in the knowledge that their property is secure and that grounds are being maintained when not in residence.

Equally investors can look forward to the best possible return from Barbados’ mature and well-reported rental market, with a number of properties being available for rental through Sotherby’s West Coast Villas.

Prices at Battaleys Mews start from $595,000USD, with additional service charges and land tax payable, but easily recovered by those choosing to rent out their property over the peak Christmas and New Year period. Buyers will further benefit from zero capital gains tax and the option of purchasing a furniture pack including all beds, dining table, outside lounge seating, sofa and coffee table. With shipping costs to Barbados being notoriously high, this furniture pack offers great value and eliminates any logistical headaches.

For holiday guests choosing to stay at Battaleys Mews, every detail has been considered to guarantee a hassle-free break. On arrival, guests renting a villa will be greeted with a welcome hamper including all the daily essentials such as bread, milk, coffee plus a few local treats. All linen, bathroom and beach towels are provided and for the little ones, travel cots and high chairs can also be arranged on request. A full concierge service is on offer to all guests who might wish to arrange any extras during their stay such as additional house-keeping or a more complex, customised trip itinerary taking in the island’s various activities. www.battaleysmews.com For sales enquiries, please contact the selling agent, Chestertons, on: +1 (246) 432 2470 For rentals, Battaleys Mews offers a one-week rental stay from US$2,200 per villa on a self-catering basis, with full service available on request. Please contact, West Coast Villas on +1 (246) 432 2470

Battaleys Mews

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FINAL PHASE ONLY FIVE UNITS LEFT PRICES STARTING AT BDS$425,000

• Land/Construction detached single storey homes • 1,200 sq ft three-bedroom design • Small community of 15 units in quiet cul-de-sac • Plot sizes approx 4,000-4,500 sq ft.

• First Phase of 10 units completed and occupied • Located just off Enterprise Road a few minutes drive from Oistins • Up to 100% mortgage facilities available FOR MORE INFORMATIONEmail-info@carters-grove.com • Tel- 230 9215 Or visit website- www.carters-grove.com